IEX Group, the alternative US equity market, has received a positive reception from European buyside traders following its roadshow in the region.

The trading venue, which has drawn global attention since the publication of Michael Lewis’ Flash Boys book, has been on a "listen and learn" tour of Europe in recent weeks and has been meeting EU institutions that trade US equities. Financial News in April revealed IEX's plans to visit Europe.

Speaking to Financial News during the June tour, Jay Fraser, head of business development at IEX, said: “We're fortunate in that so far, Europe has welcomed IEX. We've spoken to over 150 buyside portfolio managers, traders and senior leaders, representing more than $10 trillion in assets under management. Many firms are encouraging us to be just as creative and solution-driven in Europe as we have been in the US.”

IEX, launched by former Royal Bank of Canada traders, aims to mitigate the impact of high-frequency trading by adding a delay to trades and limiting the order types it offers. Its market model and founders were heavily featured as the heroes of Lewis’ Flash Boys, which scrutinised the practice of high-frequency trading.

Paul Squires, head of trading at Axa Investment Managers said "the spirit of what they are trying to do has a lot of support".

HFT firms use computer-driven techniques to dip in and out of securities markets in fractions of a second. They account for an increasing proportion of overall trading activity but regulators are still trying to determine whether the firms boost liquidity or make markets more unstable. The Flash Boys book claims these firms have rigged he market by using their superior technology to front-run orders made by other investors, particularly large institutions.

IEX has aimed to level out the playing field for trading firms of all type by introducing a time delay and other traders who met with IEX during its European tour were also positive.

Adrian Fitzpatrick, head of investment dealing at Kames Capital, said: “If Europe had its own version of IEX that created a level playing field and gave all types of investors a fair chance, I think it would be successful. However, this would most likely depend on IEX getting the same kind of support they have received from US buyside institutions in Europe.”

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Antti Kerätär, head trader for equities at Finnish manager Pohjola Asset Management, said: "I think IEX is brilliant and we are definitely supportive. There is certainly room for a similar model in Europe."

Squires said: "It was a refreshing change to hear how they are looking to innovate equities market structure with a focus on the interests of institutional investors."

He added he would be "supportive of a similar model in Europe" and added that the "the spirit of what they are trying to do has a lot of support".

Fraser stressed that IEX had no immediate plans to develop a version of IEX in Europe and that the firm would continue to grow its core US equities market but added: “That being said, we will continue to speak with buyside firms and brokers in the EU and keep an eye on new regulations to determine the demand for an IEX solution."